Construction Projects to Account for Nearly 2/5th of AWP Demand Until 2031: Fact.MR Study
Published : 19 Oct 2021 Industry: Industrial Goods
A recently published report by Fact.MR reveals that the global aerial work platforms market is projected to grow at a CAGR of 6% during the forecast period (2021-2031), surpassing nearly US$ 16 Bn by 2031. Growth is spearheaded by the ever increasing scope of infrastructure projects across such countries as China, India, Brazil, and Mexico.
From 2016 to 2020, sales of aerial work platforms inclined at a CAGR of 4.2%. Prospects declined significantly in H1 2020, attributed to the recessionary wave ushered in by COVID-19 on the global construction industry. Double-digit contraction figures were projected for both residential and non-residential sectors. However, with the lifting of restrictions, sales have rebounded, expected to clock US$ 9.3 Bn by 2021-end.
Owing to multiple advantages of aerial work platforms such as greater safety and faster maintenance, aerial work platform rental service providers are launching their distribution centers in these regions, further supporting the growth of the aerial work platforms market. Furthermore, manufacturers are emphasizing on incorporating advanced sensor technologies to prevent construction site accidents, prompting further research & development.
Key Takeaways from the Market Study
- Boom lifts expected to yield an absolute opportunity worth US$ 2.5 Bn, registering a value CAGR of 4%
- Construction segment to account for 37% share of boom lifts until 2031
- North America to emerge as the dominant market, capturing 40% revenue share
- Nearly 2/5th of global demand for aerial work platforms to be stimulated by Europe
- Asia to be an opportunistic market, accounting for a third of the global market revenue
“As governments of several countries are re-evaluating safety standards, adoption of aerial work platforms is on the rise, with key manufacturers emphasizing on incorporating smart sensors to reduce construction fatalities”, says the Fact.MR analyst.
The global aerial work platforms market is highly consolidated with 7-8 players accumulating 65-70% of the share. Manufacturers are focusing on product innovation in order to increase their reach and maintain their position in the market.
- In September 2021, JLG Industries, Inc., announced the launch of the JLG® 670SJ self-leveling boom lift. Equipped with JLG’s exclusive and patented self-leveling technology, the 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.
- In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. The MME Series offers two heights to choose from the MME20 with a platform height of 20 feet and the MME25 with the non-rotating vertical mast lift platform height of 25 feet.
More Insights Available
Fact.MR’s study on the aerial work platforms market considers market growth parameters for the historic period of 2016-2020, based on which, it analyses how the growth trajectory of the market will be during the forecast period of 2021-2031.
The study divulges essential insights on the aerial work platforms market on the basis of product type (scissor lifts, boom lifts and other AWPs), and end use industries (AWP rental service providers and end use industries (construction, entertainment, commercial, manufacturing, others)) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial goods domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive